I am a newbie at home audio but I was given a stereo system and I cant get enough! In fact I am looking to upgrade. I dont know much about equipment and what Im wondering is what is the "weak link" in my system that would be good to spend some money on and replace.

Heres what I have:

Pre-amp: Rotel RC-1550

Amp: Rotel RB-1552

CD Player: Rotel RCD 1072

Speakers: 2 x B&W DM602 s3

and I have a Sonos Connect music player.

I guess I am willing to spend somwhere between $1000-$2000. Any advice I could get about the relative quality of my components would be great.

It looks to me like you have a very nice system with good balance between components already. When in doubt, I usually like to upgrade the source to make sure I'm starting with the best signal I can afford. But your CD player is not a bad one, so you'd probably have to sell what you have, and spend all of your budget and maybe more, to get significantly better sound. Same goes for your speakers, which are the other thing I like to upgrade, all else being equal.

In your situation I don't see a clear path just from looking at the equipment. Seems to me it really comes down to what you personally think is missing in your listening experience at this point. Your listening environment, along with your personal preferences and goals should lead in the right direction. Do you want more dynamics, better clarity, warmth, detail, etc...